Welcome back to Season 15 of The Firm Analyst! 🎙 In the final episode of this season, we discussed:

🌍 Why emerging-market bonds and Sukuk are taking off — Kuwait, West African Development Bank, Majid Al Futtaim and other emerging markets issuers rush to raise billions from the international debt capital markets. Tune in to find out why and what's keeping international DCM lawyers busy.

🎮 Electronic Arts to be taken private in $55 bn deal — A consortium comprising Silver Lake, PIF and Affinity Partners is taking EA private in the largest leveraged buyout in history. We unpack how specialist teams assist buyers in conducting due diligence by taking the change of control put option in EA's 2051 bonds as a case study.

See more here: https://www.junkbondinvestor.com/p/the-most-interesting-trade-in-the .

🏦 Cantor Fitzgerald & UBS O’Connor — We discuss how funds managed by O'Connor's exposure to the recently collapsed First Brands Group has caused Cantor Fitzgerald to seek a price renegotiation for the UBS hedge fund unit. We also spend time reflecting on how corporate lawyers help protect their clients from risks arising between exchange and completion in an acquisition transaction.Full breakdown here 👉 https://linktr.ee/thefirmanalyst

DISCLAIMER:

The content discussed in this podcast does not constitute legal, financial or investment advice and these topics are discussed for information and educational purposes only. If in doubt, seek advice from an appropriately qualified individual.

Welcome back to Season 15 of The Firm Analyst🎙 ! In this episode, we discussed:

💰 Apollo’s $10bn raise — using structured-finance techniques to tap insurers with debt backed by its credit fund stakes, spanning direct lending, asset financings, and investment-grade strategies.

🛞 The fall of Tricolor & First Brands — Tricolor Holdings has filed for Chapter 7 liquidation amid fraud allegations, while First Brands has filed for Chapter 11 bankruptcy with potentially tens of billions in liabilities. We unpack the importance of representations, warranties, and covenants in financing documentation — along with the need for robust due diligence.

🏭  UK Export Finance's £1.5bn loan guarantee for Jaguar Land Rover — a government-backed rescue following a cyberattack that halted production and threatened its vast supply chain, designed to stabilise liquidity and protect jobs.

Full breakdown here 👉 https://linktr.ee/thefirmanalyst

🛢 Saudi Aramco raised $3bn through Islamic bonds i.e., Sukuk — attracting over $20bn in orders. We take a deep dive into how lawyers helped to structure the deal under Shariah principles, incorporating both Commodity Murabaha and Ijara elements.

💊 Merck has scrapped its £1bn UK expansion plans, following AstraZeneca’s retreat earlier this year— a blow to UK life sciences. With pricing pressures, NHS spending caps, and tighter economics, foreign direct investment in the sector has dropped nearly 60% since 2017. We discuss how Merck's move will impact the wider life sciences sector in the UK and how commercial law firms can assist clients in this sector facing similar challenges.

🇫🇷 Fitch Ratings downgraded France to A+, its lowest level on record, citing political instability and budget gridlock. The downgrade raises borrowing costs and signals growing investor concern — even some corporate debt is now yielding lower than French sovereign bonds. Tune in to find out how this is impacting debt capital markets in France and beyond.

Full breakdown here 👉 https://linktr.ee/thefirmanalyst

📊 Private Credit is pushing into investment grade territory, attracting blue chip debt issuers globally. Can private credit remain competitive and how will the public debt capital markets fare? (3:00)

🍂 Autumn tax pain? The government’s £20bn budget hole has sparked talk of new levies on banks’ reserves, landlords, and HNWI home sales — knocking billions off major banks’ valuations and raising fiscal policy uncertainty in the market. (22:50)

🏎 Formula 1 sponsorship boom — McLaren’s $100m-per-season deal with Mastercard cements F1 as a global sponsorship magnet, with lawyers at the heart of structuring these major policy agreements. (36:05)

It’s a week of shifting markets, rising pressures, and big-ticket deals reshaping the legal and financial landscape.

Full breakdown here 👉 https://linktr.ee/thefirmanalyst

Welcome to the final episode of this season of The Firm Analyst! Today, we discuss the following stories:

🏖 Blackstone's £1.5 billion CMBS Deal (2:35) - this is the largest transaction of its kind in the UK since the 2008 crisis and is being structured to refinance debt used by Blackstone to purchase 39 Haven holiday parks across the country. Listen in to find out more about how securitisation works!

🚗 The Supreme Court's Motor Finance Ruling (15:05) - this landmark judgment has spared motor finance lenders a £44bn hit over issues arising from undisclosed commissions, but with Consumer Credit Act 'unfairness' still a possibility for many deals and the FCA intending to look at deals stretching as far back as 2007, billions could still be on the line.

🏦 The Bank of England Base Rate Falls to 4% (27:45) - in its first-ever split vote, the Bank of England's Monetary Policy Committee has decided to cut rates to a two-year low. We analyse some of the factors leading to the decision and its broader economic implications.

It’s a week of big deals, big rulings, and big calls — and the effects stretch far beyond the headlines.

Full breakdown here 👉 https://linktr.ee/thefirmanalyst

Welcome back to The Firm Analyst! In this episode, we discussed the following topics:

Heathrow’s Third Runway: With a price tag reported to be pushing £50bn and the M25 potentially in its path, we unpack the legal complexities of building one of the UK’s most ambitious infrastructure projects — from project financing and land purchases to government concessions and risk allocation.

Crypto on the Balance Sheet: Companies are loading up on crypto to drive valuations sky-high — but what happens when regulators, lenders, and securities lawyers get involved? We explore the rise of crypto-backed deals, token-linked bonds, and the evolving legal infrastructure behind digital asset plays.

Private Equity’s New Playbook: As dealmaking slows and exits stall, PE funds are tapping NAV loans and continuation funds to keep capital flowing. We break down how law firms are helping GPs navigate fund extensions, tax structuring, and LP negotiations in a high-rate world.

📢 Tune in for a deep dive into the legal mechanics powering today’s boldest business moves.

This episode explores three topical legal and commercial developments. We discuss the proposed ban on upward-only rent review clauses in commercial leases in an attempt to help revive the High Street, its impact on landlords, tenants, and investors. We then cover CityFibre’s £2.3bn refinancing deal, the role of conditions precedent in facility agreements, and implications for lenders. Finally, we delve into why Wimbledon has an 11 PM curfew — tracing it back to planning conditions and the broader planning law framework.

In this episode of The Firm Analyst, we examine Apollo’s £4.5bn loan to support the Hinkley Point C nuclear project and its significance for private credit in large-scale infrastructure. We also explore the growing interest in external investment within the legal sector, as firms consider private equity funding to support strategic growth and innovation. Lastly, we reflect on the continued decline in British equity allocations by UK pension providers and the broader implications for domestic capital markets and commercial law firms at large.

In our final episode of this season I invited Yusuf Serang, an incoming trainee solicitor at Fieldfisher, to the podcast to discuss all things trade. Recently, the UK announced two major trade deals with the US and India while other countries headed to the negotiating tables. Yusuf and I asked ourselves: what does this mean for the markets at large and commercial law firms? Tune in to find out.

Link to access on all platforms: https://linktr.ee/thefirmanalyst

Welcome back to The Firm Analyst everyone! In this episode, we looked at cyberattacks, macroeconomic shifts and the complex world of property development. Covering key stories and concepts along the way, we delved even deeper into the world of business through the lens of a commercial lawyer.

I hope you enjoy this episode! Link to access: https://linktr.ee/thefirmanalyst